Prudential Adds Two Funds to Guaranteed Lifetime Income Component

Prudential Retirement is offering J.P. Morgan SmartRetirement Target-Date Strategies and Fidelity VIP (Variable Insurance Product) Freedom Funds in its lineup of target-date funds with a guaranteed lifetime income component.  

The target-date funds in the J.P. Morgan Asset Management and Fidelity Investment lineups adjust their asset mix as investors approach their target retirement date. Ten years before the target date of the selected fund, the guaranteed minimum withdrawal benefit (GMWB) is automatically activated, guaranteeing a minimum withdrawal amount for the participant’s entire life.

“These income guarantees combined with the benefits of target-date funds offer investors protection from market downturns and help protect their future retirement income,” said Srinivas Reddy, senior vice president of Prudential Retirement’s Institutional Income.